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  • Future Generali Saral Bima Plan

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    Choosing a life insurance plan which suits our needs can be a challenge, with most policies being difficult to comprehend. Future Generali Saral Bima is a non-linked, non-participating endowment plan which offers ease of use to members, simplifying all aspects related to purchasing and implementing it. Apart from providing protection, it also doubles up as an investment scheme, catering to multiple requirements.

    Eligibility Criteria for Future Generali Saral Bima

    The basic eligibility requirements for this policy are highlighted in the table below.

    Minimum entry age 7 years
    Maximum entry age 55 years
    Minimum age at maturity 18 years
    Maximum age at maturity 70 years
    Minimum premium Rs 9,000 per year

    Key Features of Future Generali Saral Bima

    Future Generali Saral Bima comes with a number of attractive features, some of which are highlighted in the table below.

    Plan type Non-linked and non-participating endowment insurance policy with regular premiums
    Plan basis Single/Individual
    Policy term One can choose a policy with a term ranging between 10 and 20 years
    Premium payment term Equal to policy term
    Maturity benefit Maturity benefit equivalent to sum assured will be paid once policy matures
    Premium payment frequency Monthly, quarterly, half-yearly and yearly
    Loan Loan facility is not available with this plan
    Surrender value Policy will acquire surrender value once all premiums have been paid for a minimum of 3 years
    Free look period Policyholders can choose to return policies purchased through distance marketing within 30 days of purchase. All other policies have a free look period of 15 days
    Grace period
    • 15 days for payments made every month
    • 30 days for annual, half-yearly and quarterly payment modes
    Revival/Renewal Revival is subject to the guidelines followed by Future Generali. Lapsed policies can be renewed once all dues are paid, with revival possible only within 2 years of the first unpaid premium
    Sum assured Maximum – Rs 5 crore
    Policy coverage Death Benefit, Maturity Benefit

    Benefits/Advantages of Future Generali Saral Bima

    Future Generali Saral Bima aims to offer unique benefits to policyholders, some of which are mentioned below.

    • High sum assured – Eligible individuals can opt for a sum assured which suits their needs, with the maximum sum assured being Rs 5 crore.
    • Protection plus returns – Being an endowment plan, Saral Bima offers both life insurance and returns on investment.
    • Flexibility – Policyholders can opt for a policy term which suits their requirements. They also have an option to choose a premium payment mode which matches their current financial condition.
    • Discount – Individuals who choose a high sum assured are eligible for a discount on their premiums.
    • Low premium – Individuals can enjoy the benefits of this policy by paying low premium amounts.
    • Maturity benefit – Policyholders are entitled to a maturity benefit once the policy completes its term. This benefit is equivalent to the sum assured opted by the individual.
    • Death benefit – In the event of demise of a policyholder, his/her nominee will be paid a death benefit. This benefit will be equal to the higher of the sum assured, 105% of premiums paid or 10 times the annualised premium paid by a policyholder.
    • Tax benefits – Premiums paid and any amount received are eligible for tax benefits, subject to current tax laws in the country.
    • Enhanced protection – Policyholders can choose to enhance their policy by opting for additional riders.

    Working of Future Generali Saral Bima

    Future Generali Saral Bima was created to offer simple life insurance solutions to people, positioning itself in a category which is easy to understand and implement. Being an endowment plan, it offers returns on an investment, in addition to the insurance cover. One can understand the working of this plan by considering the example of Miss Jaya, a bank manager. Miss Jaya decides to purchase Saral Bima on her 50th birthday, choosing a policy with a 20 year term. The sum assured opted by her is Rs 25 lakhs and she pays the premium every year.

    Let us consider the following scenarios to see how this Future Generali life plan works under different circumstances.

    Scenario 1: Jaya pays the premium amount regularly, maintaining a healthy lifestyle during the policy term. The policy matures after 20 years, when Jaya attains the age of 70 years. In this case, she will receive a maturity benefit equivalent to the sum assured, i.e. Rs 25 lakhs. The policy will terminate after this amount is paid to her.

    Scenario 2: Jaya passes away 10 years after purchasing the plan, leaving behind her husband and two children. While opting for the plan, she chose her husband to be the nominee, which means that he will receive the death benefit on her demise. A death sum assured equivalent to the higher of the sum assured, 105% of premiums paid or 10 times the annualised premium will be paid to her husband. The policy will terminate once the payment is complete.

    Premium Payment

    Policyholders need to pay the premium for the entire policy term, with the table below highlighting the options available.

    Policy term Premium payment term Premium payment frequency
    10 years Equal to policy term, i.e. 10 years Monthly, quarterly, half-yearly and yearly
    15 years Equal to policy term, i.e. 15 years Monthly, quarterly, half-yearly and yearly
    20 years Equal to policy term, i.e. 20 years Monthly, quarterly, half-yearly and yearly


    Policyholders can choose to enhance the protection offered by the plan by opting for additional riders. Future Generali Saral Bima currently comes with the option of two riders, Future Generali Non-linked Accidental Death Rider and Future Generali Non-linked Accidental Total and Permanent Disability Rider. These riders can be purchased at an additional cost and eligible members should check their availability before opting for a plan.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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